What Can Employers Do To Stop Valued Employees From Leaving?
It is no secret that hiring and training a new senior team member is an investment. It can take months – even years – for an executive to create a return on that investment.
So, imagine 12 months and thousands of pounds later, they hand their notice in. Only for the cycle to repeat itself over and over.
Low staff retention is a symptom of poor culture.
If you want to curb wandering eyes, here are our five tips to boost morale and retention:
1. Empower Them
Many businesses hire leaders but then clip their wings. When there is little room for decision making and autonomy, they will feel demotivated.
If you’ve hired an executive, you’ve hired them for a reason. Trust in them, allow them to make decisions. If you feel that they are incapable, either train them or get rid of them. Don’t waste your or their time.
2. Provide The Structure Required For Them To Thrive
Ensure the business is financially stable enough – and has the budget – to deliver on their goals.
For example, you can’t expect leaders to bring in new business and clients, only to discover the company doesn’t have the capacity to fulfil the requirements of said new client.
3. Pay Them Properly
52% of execs don’t think they’re being paid enough. Research shows it can cost between 6-9 months to replace a leader.
For someone on £100k, that cost could rack up to £75k. Maybe a pay rise is the right thing to do!
4. Look After Them
If they don’t want to work from home, for example, then don’t make them. If they want to do the school run on a Friday afternoon – and it’s feasible – then let them.
Offer financial wellbeing so they understand how to make the most out of their salary via pensions. Give them support if their workload is overwhelming. Allow them the power to hire their own teams to ensure they have the resources to fulfil their objectives.
Ultimately, you need to communicate with them to figure out what matters to them, and then you can support them in the right ways.
5. Praise Them
Sometimes, a simple ‘Thank you’ or a ‘Good job’ is needed. At exec level, it is often forgotten.
If you’re struggling with executive-level recruitment and retention, contact us today.